Back taxes are a major strain, especially on small businesses. Check out our guide with tips on how to get caught up and avoid these in the future. Back taxes can be a significant issue for small businesses, leading to financial strain and legal complications. This blog aims to shed light on what back taxes are, why they pose a problem for small businesses, how to catch up on them, and strategies to avoid them in the future. What Are Back Taxes? Back taxes are unpaid taxes that were due in previous years. They can result from underreporting income, incorrect tax filings, or simply failing to ..read more

Late tax filing can be an issue for small businesses as they are often simply trying to make ends meet and late filing can come with steep consequences. As the adage goes, “Time is money,” and for small businesses, this couldn’t be truer, especially when it comes to filing taxes. However, despite its importance, late tax filing is a common issue that many small businesses face. Things happen, but it’s critical to take steps to minimize the risk of small businesses filing taxes late in order to avoid an audit or other issues with the IRS. The Importance of Timely Tax Filing Late tax filing ca ..read more

Maximizing your small business tax return requires some organization and research to ensure that your business maintains financial health and continues to thrive. As a small business owner, navigating the complexities of annual tax returns can be daunting. However, with careful planning and attention to detail, you can optimize your tax filing process to minimize liabilities and maximize returns. Keep Accurate Records Throughout the Year Maintaining thorough and accurate financial records throughout the year is one of the most crucial aspects of preparing for your annual tax return. Keep tra ..read more

Small business owners have a responsibility to ensure proper employee tax documentation for their workers. For small businesses, staying on top of employee tax documentation is not just a legal obligation but also a crucial aspect of maintaining financial health and compliance. Properly managing tax documentation ensures that businesses can avoid penalties, accurately report income, and provide their employees with the necessary documentation for tax filing. Understanding the Basics Before diving into the strategies, let’s briefly review the key components of employee tax documentation: W-4 ..read more

During tax season, small businesses should consider visiting us at The Harding Group to navigate this difficult time. Ah, tax season—that dreaded time of year when businesses and individuals alike scramble to gather receipts, crunch numbers, and navigate the labyrinth of tax codes. For small business owners, in particular, this time can be especially daunting. The intricacies of tax law, coupled with the responsibilities of running a business, can quickly become overwhelming. But fear not, for amidst the chaos stands The Harding Group, ready to guide you through the storm with expertise and ..read more

Independent contractors have to contend with some unique challenges during tax season in order to ensure an accurate return each year. Tax season is a daunting time for many, but for independent contractors, it can be particularly challenging. Unlike traditional employees who have taxes withheld from their paychecks, independent contractors are responsible for handling their own taxes. This autonomy comes with a set of unique challenges that can make tax season a stressful period for freelancers, consultants, and self-employed individuals. Self-Employment Taxes One of the primary challenges ..read more

Tax form 1099 is essential for small business owners to understand and utilize for a smooth tax season. Tax season can be a daunting time for small business owners, with a myriad of forms and documents to navigate. One such document that holds significant importance is the IRS Form 1099. In this blog post, we’ll unravel the mystery behind Form 1099, exploring what it is, its various types, and why it’s crucial for small business owners to understand and comply with its requirements. Understanding Form 1099 Form 1099 is an information return used to report various types of income received thr ..read more

There are many tax credits that small businesses commonly overlook. These are just some of them, so be sure to look for any that apply to your business. Running a small business comes with its fair share of challenges, and tax season can often feel like navigating a complex maze. However, many small business owners miss out on valuable opportunities to reduce their tax burden through various tax credits. It requires some extra legwork, but taking the extra time to make sure your small business is accessing applicable tax credits and benefits can keep it in a healthy financial state and ease ..read more

Small business owners have some commonly missed tax credits that they should be watching out for every tax season. As a small business owner, it’s imperative to be fully aware of any tax credits available to help maximize your rightful savings. Alas, for mere lack of awareness, many miss out on valuable credits that would otherwise significantly reduce taxable income and lower tax bills overall.  Read along below while we discuss some available tax credits most commonly underutilized or outright missed by small businesses—and expound on why it’s so crucial to take advantage of these opp ..read more

The W-9 form is important for anyone that has worked as an independent contractor during the past year, so remember to file one if this applies to you. It’s tax season, which means that you’re probably elbow-deep in thinking about all of the different terms, forms, and miscellaneous paperwork that goes along with it. It is often a hard time of year for many people since there is a lot of confusion around the different forms (like a Schedule SE or something else, for instance) that you may need to fill out or have copies of, whether you’re doing your individual taxes or the taxes for your bus ..read more